Morgan Stanley Cuts Shopify (NYSE:SHOP) Price Target to $106.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price trimmed by Morgan Stanley from $144.00 to $106.00 in a report released on Wednesday,Benzinga reports. The firm currently has an overweight rating on the software maker’s stock.

A number of other analysts have also issued reports on SHOP. Jefferies Financial Group boosted their target price on Shopify from $110.00 to $130.00 and gave the company a “hold” rating in a research report on Tuesday, February 18th. The Goldman Sachs Group raised their target price on Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Wells Fargo & Company raised their price target on shares of Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. JPMorgan Chase & Co. lifted their target price on Shopify from $121.00 to $124.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Finally, New Street Research assumed coverage on shares of Shopify in a report on Friday, January 10th. They issued a “neutral” rating and a $115.00 target price on the stock. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $120.94.

Shopify Stock Down 0.4 %

NYSE:SHOP opened at $83.65 on Wednesday. Shopify has a 52 week low of $48.56 and a 52 week high of $129.38. The stock’s fifty day moving average is $100.46 and its two-hundred day moving average is $101.46. The company has a market capitalization of $108.31 billion, a P/E ratio of 53.97, a P/E/G ratio of 4.82 and a beta of 2.82.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. Sell-side analysts anticipate that Shopify will post 1.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

A number of institutional investors and hedge funds have recently modified their holdings of the company. Allianz SE purchased a new stake in Shopify during the fourth quarter worth $27,000. PFG Private Wealth Management LLC grew its stake in Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after acquiring an additional 256 shares during the last quarter. Fourth Dimension Wealth LLC purchased a new position in Shopify during the 4th quarter valued at about $30,000. Mark Sheptoff Financial Planning LLC raised its position in Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after acquiring an additional 100 shares during the last quarter. Finally, New Wave Wealth Advisors LLC purchased a new stake in shares of Shopify in the fourth quarter valued at about $39,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.